Liberty Steel to start due diligence on Thyssenkrupp steel business
2020-12-04 14:58:47 [Print]
Liberty Steel, which last month announced a non-binding indicative offer for Thyssenkrupp Steel Europe, will soon start looking into its financial records, it said.
"Liberty Steel will shortly begin a detailed due diligence and thus gain insight into key business data of Thyssenkrupp's steel business," Liberty said in a statement.
Last week, sources told that Thyssenkrupp was likely to give Britain's Liberty Steel, headed by metals tycoon Sanjeev Gupta, access to the books of its steel unit.
Gupta's hand has been strengthened due to consolidation talks between Sweden's SSAB and Tata Steel that could result in a deal and potentially leave Liberty Steel as the sole bidder for Thyssenkrupp Steel Europe.
Thyssenkrupp, which confirmed it had agreed to open its books to Liberty, has said it aims to make a decision on whether to sell or keep its steel unit by March.
A successful bid would cut Liberty Steel's reliance on up to 3 million tonnes of slab and hot rolled coil it needs to buy each year to feed its manufacturing lines. Thyssenkrupp's Duisburg plant, in turn, would be better utilized.
"Liberty Steel will shortly begin a detailed due diligence and thus gain insight into key business data of Thyssenkrupp's steel business," Liberty said in a statement.
Last week, sources told that Thyssenkrupp was likely to give Britain's Liberty Steel, headed by metals tycoon Sanjeev Gupta, access to the books of its steel unit.
Gupta's hand has been strengthened due to consolidation talks between Sweden's SSAB and Tata Steel that could result in a deal and potentially leave Liberty Steel as the sole bidder for Thyssenkrupp Steel Europe.
Thyssenkrupp, which confirmed it had agreed to open its books to Liberty, has said it aims to make a decision on whether to sell or keep its steel unit by March.
A successful bid would cut Liberty Steel's reliance on up to 3 million tonnes of slab and hot rolled coil it needs to buy each year to feed its manufacturing lines. Thyssenkrupp's Duisburg plant, in turn, would be better utilized.
